Ambitious Loures development creates 793 social housing units and renovates 1 171 homes to boost social inclusion and tackle climate change

Here’s how you solve the problem of an influx of new residents seeking affordable homes and deal with climate change. Loures, Portugal’s sixth most populous municipality, faced a real estate crisis as people fled Lisbon’s high prices. To fix that, the city is creating 793 social housing units and renovating 1 171. The aim: to improve living conditions for the most vulnerable and create a more inclusive environment for all the city’s inhabitants. Loures will also build and re-design public buildings, public spaces, and waste facilities to close the social gap in deprived neighbourhoods and to adapt to the growing consequences of climate change.

“We’ll reduce social and economic inequalities and improve the quality of life of our citizens, resulting in a more dignified and healthy experience,” says Ricardo Leão, president of Loures city council. “This will minimise social inequalities. It will promote equal rights and opportunities.”

The project also includes flood recovery measures to support the municipality with reconstruction after flooding and to limit the impact of future extreme climate events.

“This project focuses on improving housing, promoting the circular economy, energy efficiency and education,” says Leão. “But it also takes much-needed action against climate change.”

The European Investment Bank, which is owned by the 27 EU member states, is loaning €100 million to finance the Loures investment plan from 2022 to 2026. That’s just one of many investments in Portugal by the European Union’s financing arm. Last year, we invested €2.11 billion in Portugal, which is equal to almost 1% of the country’s gross domestic product.

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